• ASX tech continues to be star performer in 2024, rising 5.45% in May and extending its YTD gains to 26%
  • Nanoveu inks deal giving Rahum Nanotech exclusive distribution rights in South Korea for EyeFly3D 
  • Integrated Research lifts in May after positive trading update for the 10 months ending April 2024 and upgrade to FY24 guidance

The S&P/ASX 200 information technology sector was the top performing sector with a 5.45% gain in May, extending its YTD gain to 26% to also be the top performer for 2024 YTD.

The US Nasdaq Composite index, the bellwether for the global tech sector which rallied by more than 44% in 2023, surged 6.30% in May and is up ~13% YTD.

“In a month that saw the tech-heavy Nasdaq surge 6.30% and the market capitalisation of wonder stock Nvidia surpass the size of the entire German stock market, it was no surprise to see the ASX200 IT sector end May at the top of the ASX200 sector leader’s board,” IG Markets’ analyst Tony Sycamore told Stockhead .

“With Mega-tech in the US expected to continue its dominance, the backdrop is in place for the ASX200 IT sector to reclaim its 2021 2450 high, now just 5.5% away.”


Here are the top ASX Tech Winners for May 2024

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Code Name Price % Change Market Cap
IS3 I Synergy Group Ltd 0.014 100% $4,957,125
NVU Nanoveu Limited 0.031 82% $13,816,564
IRI Integrated Research 0.71 65% $123,972,127
NXL Nuix Limited 3.1 50% $1,002,939,237
DXN DXN Limited 0.035 40% $6,471,127
DRO Droneshield Limited 1.125 36% $814,641,064
CAT Catapult Grp Int Ltd 1.895 32% $494,798,629
K2F K2Fly Ltd 0.105 30% $19,627,355
OAK Oakridge 0.07 25% $1,231,959
ASV Asset Vision Co 0.016 23% $11,613,385
EIQ Echoiq Ltd 0.135 23% $66,845,841
ERD Eroad Limited 0.96 22% $177,428,181
CAG Cape Range 0.15 20% $15,185,328
DTZ Dotz Nano Ltd 0.16 19% $83,801,937
GTK Gentrack Group Ltd 8.85 18% $915,880,916
ELS Elsight Ltd 0.4 16% $60,311,954
GTI Gratifii 0.009 13% $14,508,405
AR9 Archtis Limited 0.096 12% $27,480,731
360 Life360 Inc. 15.3 11% $3,096,403,764
EOL Energy One Limited 4.4 10% $132,296,674
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Nanoveu (ASX:NVU) climbed in May on positive news including that the company had signed a binding deal giving Rahum Nanotech exclusive distribution rights in South Korea for the EyeFly3D product, which “allows users to experience 3D without the need for glasses on everyday handheld devices”.

NVU says Rahum must receive orders of ~$30 million by the end of 2026 to maintain exclusivity.

Providing performance management and analytics for IT infrastructure, payments, and communications companies Integrated Research (ASX:IRI) surged in May after announcing a positive trading update for the 10 months ending April 2024 and upgrade to FY24 guidance.

IRI says there was a 93% jump in EBITDA over the 10 months to April 30 on pcp and is now guiding FY24 total contract value (TCV) of $75-$84m, compared to $68.5m for FY23. The company expects revenue in the range of $76-$85m, up from $69.8m for FY23.

Australia’s largest drone defence manufacturer DroneShield (ASX:DRO) also was up in May after announcing a repeat order of A$5.7 million from a US Government customer for a number of its C-UxS (Counter-UxS) systems, which refer to counter drone systems targeting multi-domain aerial, ground and maritime surface drones.

DRO also completed its share puchase plan in May, which the company says generated significant support from existing shareholders with applications for fully paid ordinary shares for $40m, exceeding the maximum capped raising amount of $15m set by the company.


Here are the biggest ASX Tech Losers for May 2024

Scroll or swipe to reveal table. Click headings to sort. 

Code Name Price % Change Market Cap
1TT Thrive Tribe Tech 0.012 -29% $4,519,458
WBT Weebit Nano Ltd 2.28 -28% $433,805,447
X2M X2M Connect Limited 0.041 -23% $10,935,410
LVH Livehire Limited 0.015 -21% $5,543,968
NVX Novonix Limited 0.69 -20% $337,373,773
SBW Shekel Brainweigh 0.05 -19% $10,539,287
NOV Novatti Group Ltd 0.046 -18% $16,364,520
SQ2 Block 98.66 -14% $3,872,550,573
YOJ Yojee Limited 0.041 -13% $10,690,824
SPX Spenda Limited 0.008 -11% $34,595,662
LIS Lisenergy 0.135 -10% $86,427,031
SCL Schrole Group Ltd 0.19 -10% $6,831,459
RWL Rubicon Water 0.425 -8% $73,051,169
SMN Structural Monitor 0.35 -7% $47,881,822
NOR Norwood Systems Ltd. 0.049 -6% $23,200,567
ZMM Zimi Ltd 0.023 -4% $2,837,005
ACE Acusensus Limited 0.615 -4% $77,735,985
RKN Reckon Limited 0.54 -2% $61,179,209
UBN Urbanise.Com Ltd 0.35 -1% $22,463,179
OCL Objective Corp 12.4 0% $1,179,927,183
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Australian Internet of Things (IoT) technology company X2M Connect (ASX:X2M) announced on May 31 it had completed a placement of $1.13m at 4 cents/share, which was strongly supported by associates of the company’s Middle East channel partner Dicode Technologies LLC and other new investors.

X2M has also secured a loan facility of $1.5 with optional conversion to shares and says funds raised from the placement and loan facility will be used for X2M’s entry into the Middle East, starting with the UAE, to develop business opportunities in the region,
along with general corporate purposes.

Broad weakness in the battery materials industry overshadowed some positive announcements for Novonix (ASX:NVX) in May, which saw its share price fall.

NVX manufactures battery cell testing equipment, and is growing its high-performance synthetic graphite anode material manufacturing operations.

Among announcements in May NVX inked a non-exclusive testing and development agreement (TDA) with Volkswagen Group-owned battery cell company PowerCo SE. NVX says the TDA may lead to a supply agreement with PowerCo SE for developed products with details to be determined at that time.

NVX also announced global engineering and consulting firm Hatch has completed an independent assessment of its Riverside production facility in the US.

The assessment covered operations, project execution, financial model assumptions, the graphite market, production technology, environmental considerations, feedstock, and supply agreements.

Following this review, NVX confirms it is on track to achieve its initial commercial production capacity of 3,000 tonnes per annum (tpa) at the Riverside facility by the end of 2024, with all primary production equipment either in place or ordered.